The Indian passenger vehicle market reached a historic milestone in 2024, with sales surging to 43 lakh units, setting a new record. Leading manufacturers, including Maruti Suzuki, Hyundai, Tata Motors, Toyota, and Kia, achieved their highest-ever annual domestic sales, marking a growth of 4.5% to 4.7% from the previous year.
Maruti Suzuki led the charge with 17,90,977 units sold, surpassing its previous record of 17,51,919 units in 2018. The company’s success was fueled by initiatives such as expanding NEXA outlets to smaller cities and launching limited-edition models. Retail sales also reached a new high, reaching 17,88,405 units, driven by strong rural sales growth of 16%.
Hyundai Motor India recorded its best-ever sales of 6,05,433 units, with SUVs contributing a significant 67.6% to the total. Kia India also saw a 6% increase in sales, achieving 2,55,038 units. Both manufacturers are capitalizing on the growing demand for SUVs in India.
Tata Motors continued its growth trajectory, marking its fourth consecutive year of record sales with 5.65 lakh units delivered. Toyota Kirloskar Motor saw a 40% sales increase, reaching 3,26,329 units in 2024.
Other notable performers include Mahindra & Mahindra, which posted an 18% increase in December sales, and JSW MG Motor India, where electric vehicles (EVs) and new energy vehicles (NEVs) accounted for over 70% of sales. Nissan also saw a 51% increase in December sales.
